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PM promises North Sea cash if Scotland stays with UK

David Cameron and Alex Salmond have clashed over the future of Scotland's oil and gas industry as they held rival Cabinet meetings within a few miles of each other. The Prime Minister warned that leaving the UK would harm the key sector.

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Independence an opportunity to 'boost energy wealth'

Alex Salmond has said independence presents an "unrivalled opportunity" to boost Scotland's energy wealth and increase economic growth.

The First Minister is due to hold a meeting of his Cabinet in Portlethen today, as David Cameron holds a Cabinet meeting in Aberdeen with both leaders set out to announce plans for the future of the North Sea oil and gas industry.

Scotland's First Minister Alex Salmond will set out his plans for the future of the North Sea oil and gas industry today. Credit: PA Wire

Mr Salmond said independence could mean new powers in areas including energy regulation and the ability to apply financial incentives.

Mr Salmond said a new energy department for Scotland would be split between Glasgow and Aberdeen, while a new regulator for the North Sea, as suggested by Sir Ian Wood's report, would also be based in Aberdeen.

The Scottish Government has already put forward plans to establish two separate oil funds if there is a Yes vote in September's referendum, with one short-term fund to help deal with fluctuations in oil and gas revenues, alongside a long-term savings fund.

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